ESG 資源配置不均與言行落差對公司價值的影響

Abstract

本研究以 2019 年至 2024 年台灣上市櫃公司為研究樣本，參考de la Fuente & Velasco (2024) 針對資源配置偏離度之測量邏輯，設計出一套衡量企業 ESG 三構面資源配置失衡（ESG Disparity）與內外表現落差之方法，藉以探討企業在永續實踐上的「真誠性」對其公司價值之影響。 實證結果發現，儘管整體 ESG 表現優異能產生估值溢價，但 ESG 三構面間的分配失衡將被市場解讀為「漂綠」訊號，對次期公司價值產生顯著之折價懲罰。研究進一步證實，前期 ESG 基礎薄弱且內外落差較大之企業，更傾向採取「偏科式」資源配置以掩飾實質缺失；然而，外部監督機制（如機構投資人與政府持股）能有效發揮治理功能，抑制此類結構性失衡。在資本市場反應方面，政府機構持股對 ESG 失衡具高度敏感性，會表現出顯著的減碼行為，而機構投資人持股之調整則相對和緩。 本研究之貢獻在於補足了台灣市場在 ESG 真誠性領域之實證缺口，證實了市場具備辨識偽裝永續之能力。研究結果不僅能協助投資人優化風險管理，亦為監理機構在完善資訊揭露規範與防範漂綠行為上，提供具體之管理意涵。

This study examines publicly listed firms in Taiwan from 2019 to 2024 and develops novel measures of ESG pillar imbalance (ESG Disparity) and the gap between external disclosures and internal practices to capture the “authenticity” of corporate sustainability. The results show that while strong ESG performance is associated with a valuation premium, imbalance across ESG pillars is perceived as a signal of potential greenwashing and leads to a valuation discount in subsequent periods. Further evidence indicates that firms with weaker prior ESG performance and larger internal–external gaps are more likely to adopt unbalanced resource allocation strategies. External governance mechanisms, including institutional investors and government ownership, help mitigate such imbalances, with government ownership responding more strongly by reducing holdings. Overall, the findings suggest that capital markets can distinguish between genuine and superficial ESG practices, providing important implications for investors and regulators